New York, United States , Dec. 14, 2022 (GLOBE NEWSWIRE) -- The Global GMP Cell Banking Services Market Size to grow from USD 190 million in 2021 to USD 282 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. The GMP cell banking services market has grown due to increased funding from government organizations. In addition, the government bodies are also giving approval to the market players.
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The Mammalian segment to account for the largest market size during the forecast period
Based on the type, the global GMP cell banking services market is categorized into Mammalian, Microbial, Insect, Yeast, Avian, Stem Cell, and Others. The Mammalian segment to account for the largest market size during the forecast period. The Mammalian segment is dominating, this is due to the fact that it is widely used in GMP cell banking services.
The biopharmaceutical companies’ segment to hold a higher CAGR during the forecast period
Based on application, the GMP cell banking services market is categorized into Biopharmaceutical Companies and Contract Manufacturing Organizations. The biopharmaceutical companies’ segment to hold a higher CAGR during the forecast period. By aiming to boost operating effectiveness and pipeline productivity, biopharmaceutical businesses are committing themselves more firmly to outsourcing. Private businesses like biotechnology firms have always opted for outsourcing over building internal infrastructure. In order to monetize innovation and gain experience in drug discovery and development, academic institutions are forming partnerships with biopharmaceutical companies.
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Browse 50 market data Tables and 60 Figures spread through 279 Pages and in-depth TOC on "Global GMP Cell Banking Services Market Size, Share, and COVID-19 Impact Analysis, By Type (Mammalian, Microbial, Insect, Yeast, Avian, Stem Cell, and Others), By Applications (Biopharmaceutical Companies and Contract Manufacturing Organizations), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030."
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
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Asia-Pacific to hold a higher CAGR during the forecast period.
The Global GMP Cell Banking Services Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is estimated to account for the highest market share in 2022. North America is expected to be the largest market. Due to the significant amount of mammalian cells, North America is thought to be one of the largest regions. According to estimates, this category of cells will dominate the North American market in terms of revenue.
Some of the Key Developments:
In March 2020, In order to conduct cell therapy research and development, the Parker Institute for Cancer Immunotherapy, Fred Hutchinson Cancer Research Center, and Stanford University School of Medicine joined up with Lonza Group Ltd.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global GMP Cell Banking Services Market include WuXi AppTec, Charles River Laboratories, Eurofins Scientific, Merck KGaA, Lonza, SGS Ltd, ViruSure, Austrianova, Goodwin Biotechnology, Paragon Bioservices, BioReliance, Sartorious, BSL Bioservice, Cleancells, and Covance.
View a detailed Table of Content Here https://www.sphericalinsights.com/table-of-contents/gmp-cell-banking-services-marke
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